Is it ever too late to buy life insurance?

The reality is unless you have a terminal illness that will cause your death within months or days, it is never too late to buy life. Life insurance isn’t really about you, it is about your dependents. Even if you are elderly, you may have dependents who count on your income to survive. Talking to your local independent insurance agent will help you to understand what you need. In Memphis, TN, that agency is Tackett Insurance Inc.

Life insurance is the easiest to get and the least costly when you are young, which makes it the ideal time to purchase it. Whole life insurance stays with you for your entire life and if purchased when you are young, it will always be well priced. With term life, the policy has a term limit. You may buy it for a very good price, but when the 20 years of the term are up, you will lose that rate. You may be able to continue your policy, but the rate will be adjusted by your new age. 

When it comes to the potential of being too late to buy life insurance, a lot will depend on your health. To get the best policies, you usually need to get a physical exam. If you have any issues, you could potentially be denied. Policies that don’t require a physical are available but are usually of a smaller payout amount and are more expensive. 

If you are older and want to get a life insurance policy, talking to your local independent insurance agent is a good place to start. They represent a wide selection of carriers and can make sure you get the most for your money. 

If you live in or near Memphis, TN, Tackett Insurance Inc. has a team of experts who can help you will all your life insurance needs. 

Is it Time To Update Your Commercial Insurance Policy?

If you are a business owner, you already understand the importance of having business insurance. Commercial insurance is your safety net that protects your business financially from a loss when the unthinkable occurs. But when should you update your commercial insurance coverage? Well, keep reading for more insights.

Every business has goals and objectives, and one crucial one is increasing its end-of-year profit, have a bigger office space and a bigger team. And it serves as an ultimate indication that your business is doing well. To that end, any change in your company should be updated in your business insurance policy to keep you fully covered. At Tackett Insurance Inc. of Memphis, TN, we have prepared for your instances when it’s time to update your policy.

Change of operating location or office

If you change your office location, let’s say to a bigger space, you must update your business insurance policy. If you fail to, you risk not covering your new building or any equipment stored there. The same case should apply if you downsize your office.

Change of employees

Your business insurance policy is calculated per employee headcount. If you hire more employees, you must include them in your liability protection. Similarly, if the existing employee’s exit, you should update your policy.

Expanding your product portfolio

Business owners know the importance of having insurance for their products. Any defect in your products could cause injury, loss, or even death, attracting lawsuits. To that end, ensure you protect all your products in the event of a claim against your company. If you introduce a new product, you should also include it in your insurance policy

Other reasons for updating your business insurance include:

  • Merging your company
  • Changing the nature of your business
  • Adding new clients or vendors 

Commercial insurance in Memphis, TN

It’s paramount to update your business insurance as changes arise. Focus on business development as we protect your business. Whether you are looking for business insurance or updating, we’ve got you. Call us at Tackett Insurance Inc. for an affordable quote. 

Protect Your Finances With Renters’ Insurance

When you are renting a place to live, one of the things you have to do is to get renters’ insurance. Most landlords now require that you have this coverage. And if they don’t, it can be far too expensive to be without it. If you need renters’ insurance, contact us at Tackett Insurance Inc. in Memphis, TN.

Cover Your Belongings

Not having any renters’ insurance is a bad idea in general, but it is an even harder thing to deal with once an accident or disaster has destroyed your belongings. Without insurance to help you in replacing them, you would have to pay for all of it from your own pocket. This can devastate you financially as well as making it hard to live your life without your possessions. Renters’ insurance will cover what you own so that if the worst happens you won’t have to go bankrupt trying to replace it all. 

Cover Your Liability 

Another area that can lead to you owing a lot of money is not having any liability coverage. A renters’ policy comes with some of this coverage so that you aren’t left paying enormous medical bills if someone were to have an accident in your home. Liability coverage is one type of protection that many people don’t think about, but it certainly comes in handy if there is an accident that you are liable for. 

A Habitable Home

It’s important to your standard of living that you have a home that is habitable and in good condition. If something were to happen that seriously damaged your home, your renters’ insurance can pay for you to leave that home and live elsewhere while the proper repairs are being made. 

Get Your Renters’ Insurance Policy

To make sure your finances aren’t destroyed by an accident happening in or to your home, you need a renters’ policy. Call us today at Tackett Insurance Inc. in Memphis, TN. 

Why should I have umbrella insurance

You never know when a rainy day is going to spoil things. Having an umbrella can save the day. Nobody wants to get a soaking. This analogy fits pretty well with what umbrella insurance does for your assets. If you need to talk to an insurance agent who can give you the information you are looking for about umbrella insurance Tackett Insurance Inc. in Memphis, TN has more than 100 years of experience. We believe in taking the mystery out of insurance and insurance terms. We are happy to provide as much or as little guidance as you need or want. 

Umbrella insurance is liability coverage called excess liability. It is not a policy that stands alone, it is a policy that is additional coverage for a policy with liability you already have. Some policies that have liability are home insurance, auto insurance, condo insurance, and even renters’ insurance. What happens is when you need to use your liability insurance the primary policy kicks in first and when the expenses rise above the limit of your policy, the umbrella policy will begin to cover. Umbrella policies usually start at around a million dollars and go up from there. 

The main reason just about anyone should have umbrella insurance is that in America about 10% of people get sued every year, and you have a better than 30% chance of being sued at least once in your lifetime. Legal fees have skyrocketed and judgments are getting bugger all the time. If you have an accident where you are at fault or someone gets injured while visiting your home or rental, you could find your assets in danger and even your future wages at risk. Umbrella insurance is affordable protection. 

In Memphis, TN, you can count on Tackett Insurance Inc. for all your insurance needs. 

Why should someone get a Memphis condo insurance plan?

In the Memphis, TN area, it continues to be ideal to own a home. Those that are property owners here will enjoy having a consistent place to call home and could see their home value increase over time. A good housing option to consider is a condo, which comes with onsite amenities, more security, and less maintenance needs. Along with a condo, you also need to get insurance. There are various reasons someone in Memphis will need a condo insurance plan. 

Coverage is Needed to Comply with Association

A key reason that people need condo insurance when they are in this area of Tennessee is so they can comply with association requirements. The vast majority of condo owners will be subject to condo association agreements that have various rules. They almost always have rules that state the type and level of condo insurance coverage that needs to be maintained. You will likely need to provide evidence of coverage at least once per year.

Coverage is Required by Mortgage Provider

If you are going to finance your condo purchase with a mortgage, your lender will also require that you have a condo insurance policy in place. Mortgage lenders will take a lien on your property and will want to know that their interest in your property is secure. By confirming that you have coverage and escrowing for payments, they can be assured that you maintain proper coverage.

Those that want to get a condo in the Memphis, TN area will always need to have a condo insurance plan in place. As you are looking for a plan, Tackett Insurance Inc. can be a great company to call. Tackett Insurance Inc. can offer you great support that will be needed to build and choose an insurance plan. 

FAQ’S about life insurance

Life insurance is one of those things people just don’t talk about. This leads to a lack of information being shared. This leaves potential customers with a lot of questions. If you live in or near Memphis, TN, Tackett Insurance Inc. is a local independent insurance agency that has been helping locals with all their insurance needs for more than a hundred years. 

Who should have life insurance?

A simple answer would be everyone but that isn’t completely right. No matter what your age, if you have no dependents, no debt, and have enough money for your final expenses, you don’t need life insurance. 

What is whole life insurance?

Whole life insurance is life insurance that lasts for your whole life. You purchase it and agree to a monthly premium that never changes. You earn dividends on the money in your policy which raises the value of your policy. You can borrow against the value if you should ever need to. 

What is term life insurance?

Term life insurance is a type of life insurance that lasts for a specified term. When the term is over, the policy ends. You can renew, but the premium will increase. What you are paying for is the death benefit, no value accrues. This makes it less expensive which if you need a large amount of life insurance is the most cost-effective. 

How much life insurance do I need?

You need enough life insurance to allow your dependents to maintain their lifestyle in the event you die. How much and for how long is what you need to determine. No two people will need the same amount. Your yearly income multiplied by the number of years they will need your help is the best place to start. 

In Memphis, TN, contact Tackett Insurance Inc. for your life insurance needs. 

Three problems you can avoid by purchasing commercial insurance now

As a business owner, you need to invest in commercial insurance to protect the financial interests of your company. We sell commercial insurance to business owners in Memphis, TN at Tackett Insurance Inc.

The following are three problems you can avoid when you purchase commercial insurance in Memphis, TN. 

Going out of business because of a costly lawsuit

A lawsuit can devastate a business financially. Fortunately, commercial insurance coverage generally covers the costs of lawsuits. Not only can commercial insurance cover the costs of legal representation, but also the costs of any settlement or penalty you have to pay as the result of a lawsuit. 

Commercial insurance coverage financially saves many companies in some situations. That’s one of the most important reasons why you should invest in a commercial insurance policy as a business owner. 

Being fined for not meeting your legal requirements

There are certain legal requirements you’ll be expected to meet when it comes to insurance coverage for your business. You may be legally required to carry commercial auto coverage and workers compensation insurance, for example.

If you don’t meet these requirements, you could find yourself facing significant penalties. Commercial insurance coverage can protect you from these penalties. 

Failing to qualify for business financing

Commercial insurance coverage can help you qualify for certain types of business financing. Lenders often want to see that you have commercial coverage before offering you a business loan.

This means that commercial insurance can help you acquire capital and grow as a company in many situations. 

Get in touch with us to find the right commercial insurance policy in Memphis, TN today. Visit our website to learn more about us and inquire about our insurance policy options at Tacket Insurance Inc. 

Who needs renters insurance in Memphis?

Anyone that moves to the Memphis, TN area will find that there are a lot of great job options and local amenities. As you are looking to move to this area, it would be a good idea to consider renting your next home. When you are a renter instead of a buyer, you will have more flexibility and can enjoy other benefits as well. Along with signing your lease, you also need to choose a new renters insurance policy. There are several situations when having renters coverage is a good idea. 

When Insurance is a Lease Requirement

One situation when it makes sense to have a renters insurance policy is when it is a lease requirement. Most landlords in this area are going to require that their tenants have a full renters insurance policy as long as the lease is in place. Usually, you will have to show evidence of your renter’s insurance before the start of the lease term. If you do not have it, you could lose your right to get coverage. 

When Looking for Most Coverage Possible

You should also get a renters insurance policy when you want to receive proper protection. Anyone that is going to rent a home will want to have renters insurance at all times. When you get renters insurance it will help to protect your personal assets and will give liability protection. 

Having renters insurance is a good idea for anyone in the Memphis, TN area. As you are looking for a new policy, it would be a good idea for you to call Tackett Insurance Inc. When you do call Tackett Insurance Inc. you can get a lot of support and guidance. The team here will help you choose a great policy for your situation.

How Much Life Insurance Do You Need

Even though you usually wait until you’re older, life insurance is a security tool that everyone should be thinking about. The earlier you have it, the safer you and your family will feel. Independent agents, like the agents at Tackett Insurance Inc which serves the Memphis, TN area, can help you by offering you life insurance options.

How Much Life Insurance Do I Need?

You’ll need enough insurance to cover any debts after you’re gone. Things like mortgage payments, car notes, or personal loans need to be paid. You’ll first start by adding up everything that you own. Determine how much your spouse will be able to contribute to the household by themselves. Then, you’ll need to speak with a representative to make sure you can get enough insurance to cover those expenses. You can get enough life insurance that will either pay everything off or at least pay for your debts for a couple of months or years.

Calculating How Much You Need

When you need to calculate how much you’ll need, one option is to multiply your average yearly income by 10. To take care of your child’s college tuition, add $100,000 per child. Using this method, if you made $50,000 per year and you had 2 children, you would calculate your approximate life insurance need as follows:

Income is $50,000 X 10 = $500,000 + (2 children) $200,000 = $700,000.

Another way to decide how much you need is to calculate your income by the number of years you want to provide for your family.

Income is $50,000 X 3 years = $150,000 + college expenses for each child.

In both situations, don’t forget to add funeral costs and debts you have.

Speak with agents at Tackett Insurance Inc for help with your policy information when in the Memphis, TN area.

What Does Commercial Insurance Cover?

Your business is not only a huge investment of time, money, and hard work, it is also your livelihood so you will want to ensure it is protected and the best way to do that is through obtaining a commercial insurance policy.

A commercial insurance policy is designed to protect you, your business, and your employees and has several coverage options.

Most Common Coverage of Commercial Insurance

Property Insurance

Commercial insurance will cover your business itself, including the building that you own that houses your business. If you rent the space, it will cover just your business and inventory. This is important in the event your business is damaged by a fire, vandalism, or natural disaster. It will also cover your business and products if your business is broken into and items are stolen or vandalized.


It is important to have liability insurance that will cover medical expenses if one of your customers or visitors to your business is injured while on your property. This part of your policy will also cover someone who is injured due to an accident or other incident that is caused by a product you sell or by an employee of your business. It will also cover damages caused by an incident, such as something falling while your employees are working and injuring a passerby.

Worker’s Compensation

This part of your policy covers your employees if one or more of them is injured on the job. For example, if you own a tree trimming business and an employee falls from a tree, this part of your policy will cover your employee’s medical bills.

To create the best policy for you and your business and learn more about coverage options, visit the experienced and trusted commercial insurance agents at Tackett Insurance Inc in Memphis, TN.